PBOC Deputy Governor Xuan Changneng Attends the Global Sovereign Debt Roundtable and Other Meetings and Meets with Heads of Relevant Institutions

According to the central bank's website, during the IMF/World Bank Annual Meetings in Bangkok, Thailand, from October 14 to 17, 2026, Xuan Changneng, Deputy Governor of the People's Bank of China, attended meetings including the Global Sovereign Debt Roundtable, the International Monetary and Financial Committee's Economic Outlook Session, and the Annual Meeting of the Institute of International Finance's Board of Trustees. Xuan Changneng stated that the recent rise in risk-free interest rates in global financial markets has raised financing costs for developing countries and further increased their debt service burden. All parties should strengthen multilateral cooperation, adhere to the principle of "joint action, fair burden-sharing," and explore the establishment of an effective implementation mechanism for private sector participation in debt restructuring on comparable terms. All parties should continue to promote the improvement of the global sovereign debt governance system, refine the IMF and World Bank's Debt Sustainability Framework for Low-Income Countries, properly define the scope of public debt, and strengthen information sharing with creditors. The current world economic development and global financial system face many challenges. China will firmly implement the strategy of expanding domestic demand, systematically advance investment in new infrastructure such as the "six networks," adhere to the close integration of investment in physical assets and investment in people, and promote the high-quality and efficient development of the service industry. During the Annual Meetings, Xuan Changneng also met with Christian Kettel Thomsen, Governor of Danmarks Nationalbank; Sarah Breeden, Deputy Governor of the Bank of England; Choi Ji-young, Executive Director for Korea at the IMF; Jean Lemierre, Chairman of BNP Paribas; Vagn Davidsen, Chairman of the Board of Euroclear Group, and Urbain, Chief Executive Officer; Philipp Hildebrand, Vice Chairman of BlackRock; Anand Selva, Chief Executive Officer of International Business at Citigroup; and Cabrawe, Executive Vice Chairman of BNY Mellon, among others, and exchanged views on topics including the global economic and financial situation and bilateral cooperation.